Colombia: Third International Forum on Corporate Governance

Today, Friday March 4, the Colombian Confederation of Chambers of Commerce (CONFECAMARAS), and the Bogota Chamber of Commerce will hold the International Forum on Corporate Governance, with the cooperation of the Andean Development Corporation (CAF) and the Center for International Private Enterprise (CIPE).

March 04, 2005

Today, Friday March 4, the Colombian Confederation of Chambers of Commerce (CONFECAMARAS), and the Bogota Chamber of Commerce will hold the International Forum on Corporate Governance, with the cooperation of the Andean Development Corporation (CAF) and the Center for International Private Enterprise (CIPE). The event aims to give companies the strategies to improve competitiveness and adapt their models to international standards.

The concept of corporate governance is increasingly important in organizations at national and international level thanks to the results that it offers. This is why Colombia, as leading country in the promotion of this concept, was chosen at last year’s event as the first venue for the official launch of the OECD "White Paper on Corporate Governance in Latin America" in an effort to inform the private and public sectors about this important initiative.

This year the Forum, to be held in the Metropolitan Club of Bogota, will hear from expert speakers from Mexico, Chile, and the United States.

With respect to CAF’s participation, the multilateral organization has been developing a project to stimulate good corporate governance practices in the region’s business sector, which has resulted in the "Guidelines for an Andean Corporate Governance Code" to be distributed at the event.

Transparency and corporate effectiveness

The International Forum underscores the evident need to generate a business climate based on transparency and corporate efficiency as models which create value, and which are indispensable for harmonizing management practices, with uniform rules and usages accepted by the international community.

Good business management practices are essential for all well administered modern companies. Many companies in Latin America are in the process of improving transparency, professionalizing the functions of boards of directors, and enhancing respect for shareholders’ rights.

According to speakers at the last Forum, the issue of self-regulation should involve areas such as: disclosure of information, systems for professionalization of directors, participation of the academic sector, and social recognition; with the objective that good governance practices strengthen national companies in order to attract foreign investment.

This year, as in past years, international speakers and experts will explain the benefits and results of the application of the concept of Corporate Governance around the world.

The experts include John Zemko (United States), principal director of Programs for Latin America and the Caribbean of the Center for International Private Enterprise CIPE; Sam Podolsky (Mexico), president of the Mexican Institute of Corporate Governance; Andrés Langebaek (Venezuela), principal executive of the CAF Vice Presidency of Development Strategies; Fernando Lefort (Chile), director of the Chilean Governance Institute; and Fianna Jesover, OECD manager for Unlisted Companies.

For more information on this event send an email to Andrés Bernal at andresbernal@confecamaras.org.co or call 346 7055 and 346 7046.

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